Green PolkaDot Box Valuation Multiples

Amazon is the leading online retailer and marketplace for third party sellers. Retail related revenue represents approximately 74% of total, followed by Amazon Web Services (17%), and advertising services (9%). International segments constitute 22% of Amazon's total revenue, led by Germany, the United Kingdom, and Japan.

Tencent is the world's largest game publisher, with top-grossing mobile hits like Honor of Kings and Peacekeeper Elite and a steady pipeline of new titles. It also operates WeChat-China's super-app with roughly 1.3 billion users-embedded in daily life for messaging, short video, mini programs, payments, and shopping. Beyond its own platforms, Tencent is a prolific strategic investor, holding stakes in leading internet companies such as PDD, Kuaishou, and Xiaohongshu.

Alibaba is the world's largest online and mobile commerce company as measured by gross merchandise volume. It operates China's online marketplaces, including Taobao (consumer-to-consumer) and Tmall (business-to-consumer). The China retail e-commerce platform is the most valuable cash flow-generating business at Alibaba. Additional revenue sources include China wholesale e-commerce, international retail and wholesale e-commerce, local consumer services, travel services, cloud computing, digital media and entertainment, Cainiao logistics services, and other businesses.

PDD Holdings operates commerce businesses in over 80 countries globally. Its main operations are Pinduoduo, a social commerce platform in China, and Temu, a global e-commerce marketplace. PDD also has a community group purchase business in China. PDD has built a network of sourcing, logistics, and fulfillment capabilities that support its underlying businesses.

Altria comprises Philip Morris USA, US Smokeless Tobacco, John Middleton, Horizon Innovations, and Helix Innovations. Through its tobacco subsidiaries, Altria maintains the leading position in cigarettes and smokeless tobacco in the United States and the number-two spot in machine-made cigars. The company's Marlboro brand is the leading cigarette brand in the US with 42% annual share in 2024. Beyond its core business, it holds an 8% interest in the world's largest brewer, Anheuser-Busch InBev and a 41% stake in cannabis manufacturer Cronos. It also acquired vaping company Njoy Holdings in 2023 and operates a joint venture with Japan Tobacco in the heated tobacco category for the US.

MercadoLibre runs the largest e-commerce marketplace in Latin America, with about 150 million active users and more than 600 million active listings across 18 countries stitching into its commerce network or fintech solutions when last reported. The company operates a host of complementary businesses to its core online shop, with shipping solutions (Mercado Envios), a payment and financing operation (Mercado Pago and Mercado Credito), advertisements (Mercado Clics), classifieds, and a turnkey e-commerce solution (Mercado Shops) rounding out its arsenal. MercadoLibre generates revenue from final value fees, advertising royalties, payment processing, insertion fees, subscription fees, and interest income from consumer and small-business lending.

Carvana Co is an e-commerce platform for buying and selling used cars. The company derives revenue from used vehicle sales, wholesale vehicle sales and other sales and revenues. The other sales and revenues include sales of loans originated and sold in securitization transactions or to financing partners, commissions received on VSCs and sales of GAP waiver coverage. The foundation of the business is retail vehicle unit sales. This drives the majority of the revenue and allows the company to capture additional revenue streams associated with financing, VSCs, auto insurance and GAP waiver coverage, as well as trade-in vehicles.

Sea started as a gaming business, Garena, but in 2015 expanded into e-commerce. Sea operates Southeast Asia's largest e-commerce company, Shopee, in terms of gross merchandise value. Shopee is a hybrid C2C and B2C marketplace platform operating in Indonesia, Taiwan, Vietnam, Thailand, Malaysia, the Philippines, and Brazil. For Garena, Free Fire is the key revenue generating game. Sea’s third business, SeaMoney, provides lending, payment, digital banking, and insurance services.As of March 31, 2025, Forrest Xiaodong Li, the founder, chairman and CEO, owned 59.1% of voting power. Tencent owned 18.5% of issued shares with no voting power.

JD.com is the third-largest Chinese e-commerce platform by gross merchandise volume in 2024. it offers a wide selection of authentic products with speedy and reliable delivery. The company has built its own nationwide fulfilment infrastructure and last-mile delivery network, staffed by its own employees, which supports both its online direct sales, its online marketplace and omnichannel businesses.

Coupang is South Korea’s largest e-commerce platform that sells both owned and third-party inventory. Headquartered in the US, Coupang operates e-commerce businesses mainly in South Korea and Taiwan. The company has built an integrated logistics network that covers the entirety of South Korea, with extensive fulfillment centers that ensure timely delivery, even for orders placed seconds before midnight. Outside of its bread-and-butter e-commerce business, Coupang has expanded into Rocket delivery services to third-party merchants (fulfillment and logistics by Coupang), online grocery delivery Rocket Fresh, online meal delivery (Eats), e-commerce in Taiwan, luxury e-commerce (Farfetch), and travel.

Aristocrat Leisure is an electronic gaming machine manufacturer that sells machines to pubs, clubs, and casinos. The firm is licensed in all Australian states and territories, North American jurisdictions, and essentially every major country. Aristocrat is one of the top three largest players in the space along with International Game Technology and Light & Wonder. Through acquisitions of Plarium and more recently Big Fish, Aristocrat now derives a significant proportion of earnings from the faster growing mobile gaming business.

Naver has been the leading search portal in South Korea for many years. The company has also been evolving into an internet platform providing a variety of internet services, such as news, a dictionary, maps, digital comic content, social networking, e-commerce, videos, fintech services based on online payments, and Cloud services. Naver was also the incubator of Line Yahoo, the leading mobile messaging app in Japan, Taiwan, Thailand, and Indonesia, which merged with Z Holdings (Yahoo Japan), with Naver now owning 32.5% of the merged entity renamed LY.

Constellation Brands is the largest provider of alcoholic beverages across the beer, wine, and spirits categories in the US, generating 84% of revenue from Mexican beer imports under top-selling brands such as Modelo and Corona. The rest of the business includes some remaining wine and spirits brands, categories where the company has pruned assets in recent years. With its exclusive rights tied to the Mexican beer brands, effective only in the US, the firm has limited revenue exposure to international markets. Constellation owns a 10% stake in Canopy Growth, a medicinal and recreational cannabis producer in Canada, and has a 50/50 joint venture with glass manufacturer Owens-Illinois in Mexico.

LY is a leading Japanese internet services conglomerate. Its main services are Yahoo Japan, the oldest portal site in Japan that offers a wide variety of services, such as news, e-commerce, financial information, and Line, a national messenger application. In 2019, the company acquired Zozo, a leading online apparel retailer, to grow its e-commerce business. In 2022, LY consolidated with its wholly owned subsidiary PayPay, the most popular QR code payment service in Japan.

In 2016, Irish company Paddy Power merged with UK firm Betfair to form online gaming operator Flutter Entertainment. Today, Flutter has the top digital revenue share in the US, UK and Ireland, Australia, Italy, and many other countries. Some of its leading brands are FanDuel in the US, Sky Betting & Gaming and Paddy Power in the UK and Ireland, Sportsbet (acquired by Paddy Power beginning in 2009) in Australia, and Sisal in Italy. As of Dec. 31, 2024, the company offered products in over 100 countries and had 13.9 million average monthly users. In 2024, sports betting was 56% of revenue, online gaming 40%, and fantasy sports, horse racing, and other 4%. The company is scheduled to launch a predictive sports betting platform in late 2025.

JD Health is the largest healthcare e-commerce platform in China in terms of revenue. The company offers pharmaceutical drugs and healthcare products on its platform, both as a marketplace that connects merchants to consumers and as a first-party, or 1P, direct retailer. It also offers online consultation from real life doctors and separately partners with offline pharmacies that can provide location-based 24/7 delivery as part of an omnichannel initiative to complement its core e-commerce business. Its closest competitors are Alibaba Health and Meituan for its e-commerce business. As of Dec. 31, 2024, the platform has over 200 million active annual users and over 70,000 merchants. JD Health is 67.49% owned by its parent company, JD.com.

Evolution AB is a B2B provider of live and slots casino systems. The Company develops, produces, markets, and licenses fully integrated online casino systems to gaming operators. The company provides business-to-business solutions, which it develops and produces for gaming operators. Evolution's primary product, Live Casino, allows a human dealer to run a real-time casino table, which is then streamed to digital devices. Players can then place bets on desktops, smartphones, and tablets and communicate with the dealer through Evolution's software. The company's services are licensed to casino operators. The company generates the vast majority of its revenue from Asia.

Wayfair engages in e-commerce in the United States (88% of 2025 sales), Canada, the United Kingdom, and Ireland. It's also embarked on expansion into the brick-and-mortar landscape, with 12 stores (excluding outlets) between the AllModern, Birch Lane, Joss & Main, and Wayfair banners. At the end of 2025, the firm offered more than 40 million products from more than 20,000 suppliers under the brands Wayfair, Joss & Main, AllModern, Birch Lane, and Perigold. Its offerings include furniture, everyday and seasonal decor, decorative accents, housewares, as well as advertising and logistics services. Wayfair was founded in 2002 and began trading publicly in 2014.

DraftKings got its start in 2012 as an innovator in daily fantasy sports. Then, following a Supreme Court ruling in 2018 that allowed states to legalize online sports wagering, the company expanded into online sports and casino gambling, where it generally holds the number-two or -three revenue share position across states where it competes. DraftKings is now live with online or retail sports betting in 28 states and i-gaming in 5 states, with both products available to around 40% of Canada's population. In 2024, sports revenue was 61% of total sales, i-gaming 32%, and fantasy and lottery 7%. The company plans to launch a predictive event platform in late 2025 and also operates a non-fungible token commission-based marketplace and develops and licenses online gaming products.

Allwyn AG, formerly known as OPAP Holding SA, is a gambling company that operates lotteries and sports betting, including horse races. The company is the exclusive gambling provider in Greece. The firm is organized into segments based on the type of game: Lotteries, Betting, Online betting, Other online games, Instant and Passives, VLTs, Telecommunication and eMoney services. It generates the majority of its revenue from the Lotteries segment. The gaming services are provided either online or through physical retailers. The company generates the vast majority of its revenue in Greece.

Lenskart Solutions Ltd is a technology-driven eyewear company, with a belief that clear vision is fundamental to personal development and well-being. It sells a range of eyewear products including prescription eyeglasses, sunglasses, and other products such as contact lenses and eyewear accessories.

Rakuten is a leading e-commerce and fintech service provider in Japan. It has built up a comprehensive Rakuten ecosystem in Japan, including Rakuten Ichiba for e-commerce, Rakuten Travel, Rakuten Card, Rakuten Bank, Rakuten Securities, and became the fourth mobile network operator in Japan in April 2020. The loyalty program, Rakuten Super Points, has encouraged cross-use of services in its ecosystem. About 90% of its revenue is generated from the Japanese market.

Chart Industries provides a variety of cryogenic equipment for storage, distribution, and other processes within the industrial gas and liquefied natural gas industries. It also provides natural gas processing solutions for the natural gas industry and specialty products that serve a variety of spaces, including hydrogen, biofuels, cannabis, and water treatment. The firm acquired Howden in a significant deal in early 2023, roughly doubling the size of the company. It plans to merge with Flowserve by the end of 2025.

FSN E-Commerce Ventures Ltd is engaged in the business of manufacturing, selling and distributing beauty, wellness, fitness, personal care, health care, skin care, hair care products, fashion garments, fashion accessories and equipments on the online portals or websites such as e-commerce, m-commerce, internet, intranet as well as through physical stores, stalls, general trade and modern trade etc. In addition, it also provides marketing support services. The group operates in the following segments: Beauty, Fashion, and Others. The majority of its revenue is generated from the Beauty segment, which comprises online beauty platform, beauty-owned brands, physical retail stores, eB2B distribution business, and Nykaa Man BPC business. Geographically, the group derives key revenue from India.

Meesho Ltd is a technology platform that integrates commerce, logistics, and content creation to support e-commerce activities under the Meesho brand. The Company also provides digital financial services by facilitating financing arrangements between non-banking financial companies and sellers to support access to credit, and it operates a supply-chain service for the delivery of groceries and other products. The Company operates through the Marketplace segment, which is a technology platform connecting consumers, sellers, logistics partners, and content creators, and the New Initiatives segment, which includes a low-cost local logistics network for daily essentials and a digital financial services platform. The majority of the Company's revenue is generated from the Marketplace segment.

Chewy is the largest e-commerce petcare retailer in the US, generating $11.9 billion in fiscal 2024 sales across pet food, treats, hard goods, and pharmacy categories. The firm was founded in 2011, acquired by PetSmart in 2017, and tapped public markets as a stand-alone company in 2019 after spending time developing under the aegis of the pet superstore chain. The firm generates sales from pet food, treats, over-the-counter medications, medical prescription fulfillment, and hard goods like crates, leashes, and bowls.

The Lottery Corporation is Australia's largest provider of lottery, keno, and instant-scratch products, with long-dated and/or exclusive licenses for the lottery in all Australian states and territories except Western Australia, and in most states and territories for keno. Lottery Corp has a distribution network of more than 3,800 franchised retailers that sell instant-scratch and lottery products through vendors such as newsstands, gas stations, pharmacies, and convenience stores, as well as online sales. Keno is sold in over 3,400 bars and clubs.

Global E Online Ltd provides e-commerce solutions. The company offers a platform to enable and accelerate direct-to-consumer cross-border e-commerce. The platform was purpose-built for international shoppers to buy seamlessly online and for merchants to sell from and anywhere in the world. The company localizes the shopper experience to make international transactions as seamless as domestic ones. The platform increases the conversion of international traffic into sales by removing much of the complexity associated with international e-commerce. The company derives maximum revenue from the United States.

Light & Wonder is principally an electronic gaming machine manufacturer, selling machines to pubs, clubs, and casinos. The firm is licensed in most jurisdictions allowing gambling globally. Light & Wonder is one of the three largest players in the space along with International Game Technology and Aristocrat Leisure. SciPlay, about one fourth of revenue, develops and distributes casual mobile games, principally in the social casino niche. The more nascent iGaming business sits between these two businesses, providing digital content and capabilities to real-money gaming providers.

Alibaba Health is of one of China's leading e-commerce platform specializing in healthcare-related products, including prescription drugs, OTC drugs, traditional Chinese medicine, health foods, and so on. The company operates both a third-party B2C service, or 3P, and its own direct-to-consumer business, or 1P, with its own inventory, which can both be accessed by Alibaba’s Tmall app and Alipay. The company also provides online consultation services in a separate app called Yilu or “Dr. Deer,” although its e-commerce businesses remain its core competency in the long-term. E-commerce accounted for 93% of revenue in fiscal year 2022. We estimate that AliHealth holds about 45% of market share in the industry in terms of GMV. AliHealth is 63.74% owned by its parent company, Alibaba Group.

Vipshop is a leading Chinese online discount retailer offering branded products at attractive discounts ranging from 10%-90% off their original price through daily flash sales. It operates warehousing, retailing, product procurements, software development, and information technology support in-house while outsourcing to third-party logistics providers for distribution and shipments. Branded products on Vipshop’s platform are sourced mostly through a consignment model with global brand partners . As of March 31, 2025, Eric Ya Shen, chairman and CEO, had 64.5% voting rights. Leading Chinese social media firm and strategic shareholder Tencent also holds an 12.5% interest.

Zalando, founded in 2008, is Europe’s biggest pure-play online fashion platform. Zalando is present in 25 European countries, and its major market is the DACH region, comprising Germany, Austria, and Switzerland. The company commands around 12% market share in European online apparel sales. After the About You acquisition, it has 17 fulfillment centers, offers over 7,000 brands, and as of September 2025, had 61 million active users (more than 10% of the population in countries where the firm has a presence).

Super Group (SGHC) Ltd is a holding company that operates online sports betting and gaming businesses. The company's reportable segments are Betway, Spin, and Other. A majority of its revenue is generated from the Betway segment, which is a single-brand online sports betting and casino offering with licenses to operate throughout Europe, the Americas, and Africa. Spin is the company's multi-brand online casino offering, having a diverse portfolio of casino brands such as Jackpot City, Spin Casino, Dream Bingo, Mirror Bingo, etc., designed to be culturally relevant globally while aiming to offer a wide range of casino products. Geographically, the company generates maximum revenue from Africa and Middle East, followed by North America, Europe, Asia-Pacific, and South/Latin America.

Lottomatica Group SpA is an operator on the gaming market authorized by the Customs and Monopolies Agency. The group operates in various sectors namely Online (sports betting and online games); Betting (sports bets and games on a physical network); Gaming (AWP and VLT entertainment machines, direct management of gaming halls and proprietary AWPs) and d VLT (video lottery terminals) entertainment device networks and management of owned gaming halls and AWPs (Gaming Franchise).

Zozo was established in 1998 by Yusaku Maezawa (founder and former CEO), and its main business is Zozotown, the largest fashion e-commerce platform in Japan. Zozotown’s business consists mainly of consignment sales, where each brand’s products are stocked in Zozotown’s logistics bases, and brands open their shops on Zozotown as tenants. As of 2025, Zozotown sold clothing from over 9,000 brands and boasted about 12.8 million annual active users. Zozo acquired LYST, a UK-based fashion e-commerce platform operator, in 2025.

Churchill Downs Inc is a gaming entertainment, online wagering, and racing company. It operates through three business segments: Live and Historical Racing, Wagering Services, and Gaming. The Live and Historical Racing segment includes live and historical pari-mutuel racing. The Wagering Services segment includes the revenue and expenses from pari-mutuel wagers through TwinSpires, companies retail and online sports betting business and Gaming segment includes revenue and expenses for the casino properties and associated racetracks that support the casino license. The Gaming segment generates revenue and expenses from slot machines, video lottery terminals, video poker, HRMs, ancillary food and beverage services, hotel services, commission on pari-mutuel wagering, and racing events.

OPAP Holding SA, formerly known as Greek Organisation of Football Prognostics SA, is a gambling company that operates lotteries and sports betting, including horse races. The company is the exclusive gambling provider in Greece. The firm is organized into segments based on the type of game: Lotteries, Betting, Online betting, other online games, instant and passive, Vlts, Telecom and emoney services and others. The gaming services are provided either online or through physical retailers. The company generates the vast majority of its revenue in Greece.

Vishal Mega Mart Ltd is engaged in the wholesale and retail trade of apparel, fast-moving consumer goods, and general merchandise. The group offers products across three product categories: apparel, general merchandise, and fast-moving consumer goods through a pan-India network of nearly 645 Vishal Mega Mart stores. Its brands are Yellow Hippo, Wavelength, Brink, Home Pure, Outshine, Tandem, Home Finery, and Others. The Group operates in the reportable segment of Contract Manufacturing and Wholesale and Retail Trading.

Entain PLC is a sports betting and gaming company operating online and in the retail sector. It has five segments; UK&I: which comprises betting, gaming, and retail activities from online and mobile operations, and activities in the shop estates within Great Britain, Northern Ireland, Jersey, and the Republic of Ireland; International: which comprises betting, gaming, and retail activities in the shop estates in the rest of the world apart from UK&I and CEE; CEE: comprises betting, gaming and retail activities in Croatia and Poland for brands SuperSport and STS; Corporate: includes costs associated with Group functions including Group executive, legal, Group finance, U.S. joint venture, tax, and treasury; New Opportunities: Reflects the now closed B2C offering under the unikrn brand.

FDJ United is engaged in Offline and online lottery games and sports betting. Its lottery games include draw games and instant games. Its lottery offers in France include prize draws such as Loto and Euromillions, as well as Illiko instant games. Also through its subsidiaries it has diversified with the roll-out of a French payment and collection service under the Nirio brand name.

Mango Excellent Media Co Ltd is a China-based company engaged in the provision of E-commerce services through Television, Internet, Catalogs, and other multimedia channels. The company operates three main business segments. The Mango Television Internet Video Business segment delivers content such as variety shows, TV dramas, films, movies, animations, and short videos. The New Media Interactive Entertainment Content Production Business segment covers the creation and operation of dramas, variety programs, and games, alongside artist management, music copyrights, and game development. The Media Retail Business segment focuses on TV shopping, media e-commerce, and overseas-related operations. The company generates maximum revenue from the Mango Television internet video business segment.

Openlane Inc provides a digital marketplace for used vehicles, connecting sellers and buyers in North America and Europe for fast and transparent transactions. Its services include financing, repossessions, repairs, transportation, warranty, and inventory management. The company operates used-vehicle auctions and has two main segments: Marketplace and Finance, with majority revenue coming from the Marketplace segment, which to used vehicle remarketing, including marketplace services, remarketing, or make ready services and all are interrelated, synergistic elements along the auto remarketing chain. The Finance segment, through AFC engaged in business of providing short-term, inventory-secured financing to independent vehicle dealers.

Sportradar Group AG is a technology platform enabling next-generation engagement in sports, and a provider of B2B solutions to the sports betting industry. It generates revenue through two primary sources: subscription-based revenue and revenue sharing. Geographically, it operates in North America, Africa, AsiaPac & Middle East, Europe, and LATAM & Caribbean.

Inchcape PLC, based in the United Kingdom, is a distributor and retailer of premium and luxury automobiles through partnerships with original equipment manufacturers (OEMs). The company has three reportable segments and two operating business units: distribution and retail. The distribution segment delivers new vehicles and parts in three geographies (Asia Pacific (APAC), the Americas, Europe and Africa) and provides associated marketing and logistics operations. The retail segment sells new and used vehicles in the U.K. and Europe. The company’s profitable revenue sources are distribution services performed in APAC and retail services in the U.K. and Europe.

Scotts Miracle-Gro is the largest purveyor of home lawn and gardening products in the US. The company sells a broad range of lawncare products, including grass seed, fertilizer, and lawn-related weed, animal, and disease control. US consumer typically generates the vast majority of companywide revenue and profits. Its lawncare and gardening products are well-recognized brands in the US, including Scotts, Miracle-Gro, Roundup, Ortho, and Tomcat.

Sega Sammy Holdings was established as a holding company in 2004, when video game developer Sega and pachislot and pachinko vendor Sammy merged. The company currently derives majority of its sales revenue from entertainment content and its pachislot and pachinko machine business, which contributed 75% and 23% of total revenue in fiscal 2024, respectively.

Founded in 2000, Ocado provides automation and logistics solutions to grocers. Ocado operates in two segments: logistics and solutions. Logistics provides fulfillment and delivery services in the United Kingdom. Solutions is based on the Ocado Smart Platform, a modular, automated online retail fulfillment and delivery solution that provides software, fulfillment hardware, and support services to corporate customers in return for upfront and recurring fees. Partners include leading grocers around the world, like Sobeys, Morrisons, ICA, Groupe Casino, Bon Preu, Kroger, and Coles. Ocado also has a 50% stake in Ocado Retail, a pure-play e-grocery business. The other 50% is owned by Marks & Spencer.

Rush Street Interactive Inc is an online gaming and entertainment company that focuses on online casinos and online sports betting in the U.S. and Latin American markets. It provides customers with an array of gaming offerings such as real-money online casinos, online sports betting, and retail sports betting, as well as social gaming, which involves free-to-play games that use virtual credits that can be earned or purchased. The company generates revenue by offering online casinos, online sports betting, and social gaming directly to the end customer through its websites or apps. The company generates revenue through business-to-consumer (B2C) and business-to-business (B2B) models.